Aboki Black Market Dollar to Naira Exchange Rate Today, November 16

The Aboki black market Dollar to Naira exchange rate today, Wednesday, November 16 ₦800/$1 buying rate and ₦810/$1 selling rate according to bureau de change operators in Lagos and Abuja. The British Pound is trading around N935/£1. The market remains volatile since the historic volatility that was seen last week which saw the naira go from #900/$ a week before trading at less than #600/$ before the end of the week.

The high volatility started when the CBN announced that the country’s 200, 500 and 1000 naira notes will be redesigned in December with all old notes becoming obsolete by January 31, 2023. Panic buying of the dollar followed which pushed the price to almost #900/$, but that trend was halted when the EFCC went after BDC merchants, accusing them of helping politically exposed persons launder their money.

Other factors also came together within a week, all of which helped the naira regain its strength against the dollar.

Trading at the official CBN window

• The exchange rate at the official market closed at N446/$1 on Tuesday, 15th November 2022. This represents a slight depreciation of 0.06% in comparison to N445.75/$1 recorded on the previous trading day.
• The opening indicative rate closed at N444.4211 on Monday, 14th November 2022.
• Furthermore, an exchange rate of N447/$1 was the highest rate recorded during intra-day trading before it settled at N446/$1, while it traded as low as N439.33/$1 during intra-day trading.
• A total of $63.83 million in FX value was traded at the Investors and Exporters window on Monday, which is 74.98% lower than the $255.15 million traded on Friday.